several illnesses and diseases that cause a substantial financial strain
on the family. People looking to get medical insurance for parents
should consider it early. The sooner the medical insurance is purchased,
the lesser the stress on the finances. Brands like Care Health
Insurance, HDFC Ergo, ICICI Lombard, etc., provide health insurance for
parents with several benefits. However, there are many things that one
should keep in mind and consider before selecting a plan. A few of them
are listed below:
How to Select the Best Medical Insurance Plan for Parents?
Coverage Against Pre-Existing Diseases
Different plans have different terms and conditions for pre-existing diseases. Some of them either exclude it permanently or include it after completing a certain waiting period. So, if your parents have pre-existing conditions like diabetes, hypertension, etc., pick the best medical insurance in India that covers them too.
The waiting period is the duration during which none of the claims is admissible under the policy coverage. It usually ranges from 30 days to 48 months. It is essential to check these details as the need for hospitalization might arise during the waiting period depending upon the disease's seriousness.
Check the co-pay clause as well. Usually, health companies have 20% co-payment. It means that your parents have to pay 20% of the total hospital bills at the time of discharge from the hospital. The insurer will settle the rest.
Claim Settlement Ratio
The ratio of the number of claims settled by the health insurance company against the total number of claims put forth is called the claim settlement ratio. Pick the plan from the company that has higher CSR.
Opt for the plan that gives your parents additional benefits such as COVID care, no claim bonus, lifelong renewability, ambulance cover, annual health check-ups, and more.
At growing age, your old parents need to visit the doctor often. Senior citizen insurance offered by leading brands provides coverage for OPD expenses. From registration fee, medicines, hospitalization, diagnosis, etc., it covers most of the expeses that reduce their financial burden.
Day Care Treatments
Choose the plan covering daycare treatments, including cataract surgery, dialysis, chemotherapy, etc. Your parents do not require you to admit to the hospital for more than 24 hours for treatment and medical procedures under daycare. Their expenses will be covered under the policy.
Health insurance for parents brings mental peace to you and your family. Their treatment will not be monetary stress for anyone. You can save your money to give them a more comfortable life while medical insurance for senior citizens takes care of their healthcare expenses so that they can live peacefully.
As children, our moral duty and responsibility are to look after our parents, especially regarding their health. The best medical insurance in India offered by good brands like Care Health Insurance Company and more is a good investment for you and your loving parents.